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Eagle Corporation has suffered losses for several years, and its debts total $535,000; Eagle's assets are valued at only $360,000. Eagle's creditors agree to reduce

Eagle Corporation has suffered losses for several years, and its debts total $535,000; Eagle's assets are valued at only $360,000. Eagle's creditors agree to reduce Eagle's debts by one-half in order to permit the corporation to continue to operate. Eagle's NOL carryover is $180,000. Requirements a. What impact does the reduction in debt have on Eagle's NOL? b. Is Eagle required to report any income? Requirement a. What impact does the reduction in debt have on Eagle's NOL

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